Christopher

The original loan amount was $1100 and the collector wants $1800. Can I haggle with him? I can fire off a check to make it all go away, but I wonder if he would be willing/able to accept a lower amount and write me off his books with something to show for his trouble instead of hounding me for years. Thank you for your time!

Recently I've been contacted by a collector that's trying to collect on a college loan I took out 15 years ago. I thought I had paid off all my loans, but somehow I overlooked this one... I blame the poor bookkeeping skills of my 22-year old self. I never received an invoice for this debt, so out of sight out of mind.

I sent a reply letter to the collector and asked for documentation of the loan, and it is valid. I also asked why the college waited 15 years to collect on this debt, but that question was left unanswered. Now that this debt has been brought to my attention, I feel ethically obligated to take care of it , but I wish to deal with it on my terms in my own time. Can a debt collector legally force my hand? Can I sight some legal precident about a statute of limitations? Does it differ from state to state?

Thanks in advance!